PNC Financial Services Group Inc. Raises Position in Consolidated Edison Inc $ED

PNC Financial Services Group Inc. lifted its holdings in shares of Consolidated Edison Inc (NYSE:ED) by 2.2% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 254,693 shares of the utilities provider’s stock after purchasing an additional 5,483 shares during the quarter. PNC Financial Services Group Inc. owned about 0.07% of Consolidated Edison worth $28,826,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. JPL Wealth Management LLC acquired a new position in shares of Consolidated Edison in the 3rd quarter valued at $26,000. Basepoint Wealth LLC acquired a new position in Consolidated Edison in the fourth quarter valued at $26,000. Westfuller Advisors LLC acquired a new position in Consolidated Edison in the fourth quarter valued at $27,000. Sachetta LLC grew its position in Consolidated Edison by 72.9% during the first quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 102 shares during the period. Finally, Dorato Capital Management purchased a new stake in Consolidated Edison during the fourth quarter valued at about $28,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of ED opened at $112.97 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The firm has a market cap of $41.63 billion, a price-to-earnings ratio of 19.02, a PEG ratio of 2.93 and a beta of 0.27. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23. The stock has a 50 day moving average of $109.04 and a 200-day moving average of $109.01.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Wednesday, August 19th will be issued a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a dividend yield of 3.1%. Consolidated Edison’s payout ratio is 59.76%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ED. Barclays dropped their target price on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating for the company in a research report on Monday, May 11th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research report on Thursday, May 14th. Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research report on Tuesday, June 2nd. Wells Fargo & Company set a $98.00 target price on Consolidated Edison in a research note on Tuesday, April 21st. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Consolidated Edison in a research report on Tuesday. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $107.87.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.